Examples of Legacy Notes Indenture in a sentence
On February 26, 2018, holders of the unsecured Legacy Notes and the Legacy Notes Trustee initiated an action in New York state court seeking specific performance of the Legacy Notes Indenture and emergency injunctive relief.
There is, however, an exception that allows for other parties to receive a security interest in Principal Property (as defined herein) so long as the debt secured by that interest, and any other Permitted Mortgage (as defined in the Legacy Notes Indenture), does not exceed 15% of the total consolidated stockholders’ equity of iHeart (the “ 15% Exception”).
The Legacy Notes Trustee’s complaint alleges that iHC and certain of its direct and indirect Debtor subsidiaries violated a negative covenant in the Legacy Notes Indenture.
On February 26, 2018, holders of the unsecured Legacy Notes and the Legacy trustee initiated an action in New York state court seeking specific performance of the Legacy Notes Indenture and emergency injunctive relief.
Among other things, the Legacy Noteholder Group asserts that they should receive an increased recovery due to their assertion of rights under an “equal and ratable” provision in the Legacy Notes Indenture that they assert prohibited iHeart from granting a security interest to any party in certain specific collateral without also providing equal and ratable liens securing any outstanding Legacy Notes when the outstanding amount of Legacy Notes fell below $500 million.
The New York state court denied the plaintiffs’ request for a preliminary injunction, ruling that the holders of the Legacy Notes had failed to meet the standard for injunctive relief, that Plaintiffs had failed to follow required notice provisions in the Legacy Notes Indenture, and that actions regarding the priority and validity of unsecured claims were properly resolved in front of a bankruptcy court.
For the avoidance of doubt, unless the Restructuring Transactions are consummated, it is understood and agreed that any waiver granted pursuant to this Section 4.03 shall be effective during the Agreement Effective Period only and shall not be deemed to be a permanent waiver of any default or event of default arising under the Term Loan Credit Agreement, Legacy Notes Indenture, or Secured Exchangeable Notes Indenture.
As further described in Section II, infra, the Reallocation Mechanism does not change the legal character of either the 2021 Notes Claims or the Legacy Notes Claims, but rather effects a mechanical reallocation of recoveries on Intercompany Notes Claims pursuant to the Plan Settlement and in accordance with the terms of the 2021 Notes Indenture and Legacy Notes Indenture.
A suffix of “_ss” distinguishes input files for the steady-state model component from those of the transient model component.
The gravamen of the Legacy Notes Trustee’s complaint in the Springing Lien Adversary Proceeding is that the Debtor defendants wrongfully deprived the Legacy Noteholders of the benefit of their bargain to agree to be unsecured “only subject to a clear right, spelled out in the [Legacy Notes Indenture], to be equally and ratably treated with any future secured debt.” Complaint, Springing Lien Adversary Proceeding, Dkt.